Libra Is Facebook’s New Cryptocurrency

Libra Is Facebook’s New Cryptocurrency

Based on blockchain, with the support of more than 100 companies and with its own digital wallet. Libra Is Facebook’s New Cryptocurrency.

Blockchain.

Facebook already has its digital currency to pay online. Libra is the name of the new digital currency based on Blockchain that will be supported by more than 100 major financial companies, including MasterCard, Visa and PayPal.

But Libra is the base, the digital currency on which the rest of the payment services will be based. Among them Facebook, which will be called Calibra.

Calibra

Calibra will be a digital wallet that will allow you to store and use the new Libra digital currency.

That is, a payment platform for Facebook, Messenger and WhatsApp that will exist as an independent application on iOS and Android.

A wallet connected for everyone and multi-platform, a wallet that will send money quickly and will be based on this new digital currency in which we explain from the beginning that it will not be in the hands of Facebook.

This is how Calibra, Facebook’s new payment platform based on Libra, will work.

A huge project that comes as a subsidiary of Facebook and will operate independently.

A company that will be the visible face of Facebook for the use of Libra, a coin designed to try not to fall into the same problems that so far have had the rest of crypto currencies.

What is Libra and who is behind it?

Libra Is Facebook's New Cryptocurrency
P2P.

The Libra Association is an independent non-profit organisation with its headquarters in Switzerland.

Among the 28 founding members are payment companies such as Mastercard, Visa and Paypal, technology companies such as eBay, Lyft, Uber, Spotify or Facebook Calibra itself and also companies specializing in Blockchain such as Anchorage or Coinbase.

Libra (≋) is an open source currency based on Blockchain, like other crypto currencies such as Bitcoin. It has been developed by a group of engineers, including some Facebook members.

Although the association is responsible for the final decision making of Libra, Facebook is expected to maintain a leadership role during 2019 to promote its use.

Although once it is established, Facebook promises that it will have a role equivalent to that of the other companies that participate in Libra.

To combat volatility, Libra will be backed entirely by the Libra Reserve, a collection of coins and other assets that is used as collateral for each Libra created.

What are the differences between Libra and Calibra?

Libra is the digital currency, Calibra will be Facebook’s wallet.

That is to say, Libra is the crypto currency used by the different companies and Calibra is the name that the Facebook payment platform will receive.

The payment system where we can store, send and through which we can pay with Libra currency.

Calibra has also been formalized as a subsidiary of Facebook that will act independently. Among the founding members of the Libra Association, Calibra Facebook is registered, not Facebook as such.

When and where will Calibra be available?

Libra Is Facebook's New Cryptocurrency
Blockchain.

Calibra is currently in development, but is expected to arrive by 2020.

For the time being, the company has already activated a link to register.

Calibra’s payment platform will be available as a stand-alone application on Google Play and the App Store, and can also be used directly on WhatsApp and Messenger applications. In other words, Calibra will be in charge of allowing money to be sent through Facebook applications.

The first version of Calibra will support peer-to-peer payments and other such transactions, such as QR codes that small merchants can use to accept payments in Libra.

Over time, others will be incorporated, including in-store payments, point-of-sale system integrations, and more.

How much will it cost to use Libra and Calibra?

Libra is a digital currency that will be available worldwide and like other crypto currencies, it can be used to make normal payments such as buying coffee or paying for public transportation.

Through the Calibra digital wallet, we will also be able to store Libras and therefore save money.

Every time you send or spend money through Calibra, what you will do is actually spend Libra.

However, you can also convert local currencies into Libra and vice versa.

When you do these conversions, the Calibra application will show you the exchange rate. This way you know exactly how much money will be obtained.

The use of Calibra will not be exempt from commissions, although Facebook promises that they will be low and transparent. Especially when sending money abroad.

Calibra’s focus on user privacy

Libra Is Facebook's New Cryptocurrency
Blockchain.

When Calibra becomes available, you will need to present an official identification document to register for the account.

This is because being a legal currency, you want to avoid fraud and check the real identity of people.

Facebook explains that “the activity of each transaction in Calibra will be private and will never be made public”.

The privacy approach to consumer data is one of the aspects that has been most detailed:

Except in limited cases, Calibra will not share account information or financial data with Facebook or any third party without the customer’s consent.

For example, financial information and data will not be used to improve Facebook ads. However, there will be some exceptions: fraud and crime prevention, law enforcement, service providers, and global data and payment processing.

The description of these last two points does not offer as much confidence.

“When a payment is authorized, we share the data necessary to process that transaction with third parties. We also share Calibra customer data with managed or service providers (including Facebook, Inc.) that allow us to operate our business (e.g., to provide technical infrastructure services or direct payment processing). In both cases, we share only the Calibra customer data necessary to complete the defined service or activity.

“Calibra may share aggregate data with Facebook, Inc. or third parties related to the performance of its products and services. An example would be a graph showing the total number of users of the service. Calibra will use techniques to prevent aggregate data from being linked to an individual.

Additionally, they explain that Calibra will use global Facebook data that is not linked to the Calibra account to improve the product.

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